Drilling company Archer has received an early termination notice from Talisman Sinopec Energy UK for its modular rig.
The Archer Emerald had been contracted out by the company in a two-year contract deal worth $96million and was scheduled to begin in the first quarter of 2016.
The early termination fee due to Archer under the contract will range between $34million and $43million.
The contract will now be terminated at the end of January.
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